Lakota Funds and the Lakota Federal Credit Union are partnering to ensure farmers, ranchers, and small business owners located on the Pine Ridge Reservation and surrounding areas will receive all the Paycheck Protection Program (PPP) funds they are eligible for. Ag producers may be eligible for forgivable loans up to $20,832, and non-ag small businesses, including self-employed and sole proprietorships, could be eligible for up to two-and-a-half months of salary expenses. Ag producers that have received USDA Coronavirus Food Assistance Program (CFAP) funding are still eligible to apply for PPP.
As part of their efforts, Lakota Funds and the Lakota Federal Credit Union will be hosting:
PPP Application Workshop
Tuesday, January 19, 2021 | 4:00pm – 7:00pm
Lakota Trade Center, 2nd Floor | Kyle, South Dakota
The workshop is designed as a one-stop-shop for PPP applicants and will provide everything needed to complete the application on site. Workshop attendees will need to bring their tax returns, February 2020 bank statement, driver’s license or tribal ID, and bank account info or a voided check. If an attendee does not have a bank account, the Credit Union will be able to open accounts during the workshop with a minimum $5 opening deposit. Staff will help attendees complete the application and package all required documents for signature submission.
Those who are interested in applying for PPP but are unable to attend the workshop, are encouraged to contact Tawney Brunsch at 605-455-2500. Likewise, those who have already received PPP but are interested in applying again should contact Tawney Brunsch. Lakota Funds and the Lakota Federal Credit Union will continue to provide application support for PPP for the next few weeks.
The PPP, established by the 2020 US Federal government Coronavirus Aid, Relief, and Economic Security (CARES) Act, is utilizing a $669-billion allocation to deploy forgivable loans to help businesses maintain their workforce during the COVID-19 crisis. At the end of December 2020, the Consolidated Appropriations Act of 2021 was enacted, which allocates $284 billion for a second round of the PPP. Farmers, ranchers, and small business owners who have already received PPP will be able to apply for a second draw once the applications for the second round are opened. More details on that process will be forthcoming.